2023-07-20

Golden Visa News - 20.07.2023

Golden Visa News - 20.07.2023

Parliament voted on the final version to amend the law regarding residence visas.

The Visa Program will continue to exist, having seen some of the items currently in force
eliminated, namely:

• The transfer of capital in an amount equal to or greater than 1.5 million euros;
• The acquisition of real estate with a value equal to or greater than 500 thousand euros;
• Acquisition of real estate, with construction date completed at least 30 years ago or located in an urban rehabilitation area and carrying out rehabilitation works on the asset, in a global amount equal to or greater than 350 thousand euros;
• Transfer of capital in an amount equal to or greater than €500,000, intended for the acquisition of participation units in investment funds or venture capital funds aimed at investing in real estate.

 Given the above, after publication of the new Law, it will continue to be possible to obtain a Golden Visa under any of the conditions below:

• The creation of at least 10 jobs;
• Capital transfer in an amount equal to or greater than 500 thousand euros, which is applied in research activities carried out by public or private scientific research institutions, integrated in the national scientific and technological system;
• Capital transfer in an amount equal to or greater than 250 thousand euros, which is applied in investment or support to artistic production, recovery or maintenance of the national cultural heritage, through central and peripheral direct administration services, public institutes, entities that integrate the public business sector, public foundations, private foundations with public utility status, inter-municipal entities, entities that form part of the local business sector, municipal associative entities and public cultural associations, which pursue duties in the area of artistic production, recovery or maintenance of the national cultural heritage;
• Transfer of capital in an amount equal to or greater than 500 thousand euros, intended for the acquisition of shares in non-real estate funds, constituted under Portuguese legislation, with maturity, at the time of the investment, of at least five years and minimum 60% of the value of the investments is made in commercial companies headquartered in the national territory;
• Transfer of capital in an amount equal to or greater than 500 thousand euros, intended for the formation of a commercial company with headquarters in national territory, combined with the creation of five permanent jobs, or to reinforce the share capital of a commercial company with headquarters in national territory, already constituted, with the creation or maintenance of jobs, with a minimum of five permanent jobs, and for a minimum period of three years.

The final proposal presented yesterday will be sent to the President of the Republic in the coming days. He will have up to 20 days to decide, and it is not mandatory to use this entire period. If there are no obstacles, the package Mais Habitação and the amendment to the Golden Visa program, included in these measures, may be published and come into force during the month of August.

It is also possible to proceed with applications under the current law, bearing in mind that it may be changed at any time. Given the timings and processes involved, we have an average term of between 15 and 30 days (of possible publication).

If you decide to proceed within the scope of the Law still in force, we advise you to seek legal advice before taking any decision.

Information provided by Martinez-Echevarria & Ferreira law firm.